Inside Feexet: The social enterprise using tech, community, and grit to drive grassroots change
Over 2.5 million tonnes of plastic waste are generated in Nigeria every year, yet most of it ends up in streets, waterways, and landfills. At the same time, thousands of young Nigerians remain underemployed, despite having the potential to thrive in tech and creative industries. These two realities may seem unrelated, but for Feexet, they’re part of the same story. Feexet is a Nigerian social enterprise using design, technology, and community organising to tackle everyday challenges that often go overlooked. Whether it’s waste pollution or lack of access to digital education, the team believes that with the right tools, individuals and communities can take the lead in solving their challenges. Over time, that mission has taken shape through projects that blend action with accountability. Among them, two have stood out. One tackles the challenge of urban waste and environmental neglect. The other invests in young people through free, practical tech education. CleanSweep: From street corners to a city-wide movement The CleanSweep Project is one of Feexet’s most visible efforts. On the surface, it looks like a neighbourhood clean-up drive. But spend a few minutes speaking with the team or attending one of the clean-ups, and you’ll realise it’s much more than that. At its core, CleanSweep is about community-led environmental accountability. People report polluted areas. Gutters choked with waste. Illegal dumping sites. Places no one wants to claim. Then, Feexet mobilises. Volunteers show up. Tools are handed out. Plastics are sorted, bagged, and weighed. And slowly, things change. To date, CleanSweep has cleared over 2,000 kg of waste across several communities in Abuja and beyond. And that’s just the beginning. As more reports started coming in, the team realised they needed a better way to manage and scale the work. So they built the CleanSweep App, a tool that lets people report polluted areas, sign up as volunteers, track clean-up events, and even earn rewards. “We wanted to create something that doesn’t just organise clean-ups, but actually builds a culture of ownership around public spaces,” says Christopher Balogun, one of Feexet’s co-founders. “The app helps us coordinate better, but it’s also about recognising people who show up again and again. So we created a volunteer leaderboard and a small reward system. It works.” The app recently went live on the Google Play Store, and the team encourages anyone who wants to help or just see what’s happening nearby to download it. Techquity: Training the next generation of tech talent While CleanSweep tackles sustainability on the ground, Feexet’s Techquity programme takes a different approach, focusing on practical learning experiences for young people across digital fields. Launched in 2023, Techquity began as an experiment. Could a grassroots design and coding bootcamp help close the access gap for young Nigerians who wanted to break into tech? The answer, it turns out, was yes. The first cohort, Techquity 1.0, trained over 120 participants, focusing on UI/UX design, web development, and digital communication. Several alumni have gone on to secure full-time roles, while others now freelance or intern with Feexet, building on the momentum they gained. Now, Techquity 2.0 is in full swing. With more than 200 participants enrolled from across Nigeria, sessions are held three times a week, combining live instruction, peer collaboration, and mentorship. It’s not just about skills. It’s about confidence. Community. And, perhaps more importantly, it’s about decentralising access to tech opportunities. It ensures that innovation isn’t limited to specific cities or networks but reaches every eager learner with a smartphone and drive. A different kind of enterprise Feexet also describes itself as a “digital service agency,” but that barely scratches the surface. Yes, they’ve designed over 150 websites, launched several mobile and web apps, and run digital campaigns for clients in different sectors. But the twist is in the model. They reinvest their earnings into community impact projects like CleanSweep and Techquity. “We’re still figuring it out,” Christopher adds. “There’s no perfect roadmap for this. But we know we want to keep doing work that matters. And keep showing that small, intentional teams can still do big things.” They may not claim to have all the answers. But if you’re looking for proof that technology, community, and accountability can mix and lead to tangible change, Feexet is a good place to start watching.
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Meta says your WhatsApp Updates, which houses Status, will now have ads
Meta, the parent company of WhatsApp, has announced that it will start rolling out advertisements on the messaging app, marking a significant shift from the platform’s long-standing ad-free model. Announced on Monday, 16 June, the ads will not show up in personal or group chats but will instead be introduced in the app’s Updates tab, which hosts Status updates and Channels. The company says this move is part of a broader strategy to monetise WhatsApp’s massive global user base, which exceeds 3 billion monthly active users. “We’ve been talking for years about how to build a business on WhatsApp in a way that doesn’t interrupt personal chats,” WhatsApp said in a statement. “We believe the Updates tab is the right place to introduce that.” The Updates tab is already used by 1.5 billion people each day, according to the company. By focusing ads in this space, WhatsApp says it can preserve the private and encrypted messaging experience that has defined the app since its launch in 2009. In addition to Status ads, WhatsApp is launching two other monetisation tools: channel subscriptions, where users can pay monthly to access exclusive content from creators and businesses; and promoted channels, which give admins the ability to boost visibility within the platform’s directory. To address privacy concerns, WhatsApp reiterated that end-to-end encryption remains intact for all personal chats, calls, and group messages. Ad targeting will be limited to non-sensitive information such as location (city or country), language, followed channels, and how users interact with updates. Users who have linked WhatsApp to Meta’s Accounts Centre may receive more personalised ads, drawing on preferences across Facebook and Instagram. “We will never sell or share your phone number with advertisers,” the company added. The new features will roll out gradually over the coming months, as Meta positions WhatsApp to play a more prominent role in its broader business messaging and advertising ecosystem. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
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Nigeria’s headline inflation falls for second straight month on naira stability
Nigeria’s headline inflation moderated slightly in May, its second slowdown in two months, as a result of relative exchange rate stability and moderating fuel prices. The National Bureau of Statistics reported headline inflation at 22.97%, down from April’s 24.2%, while food inflation declined to 21.14% from 21.79%. The slowdown reflects a 1% naira appreciation in official markets, which eased import costs for manufacturers, and a temporary lull in global commodity prices. “The tight monetary environment and anchored exchange rate expectations played a critical role,” said Dumebi Oluwole, Senior Economist at Stears, who had projected a slowdown to 23.19%. Olajide Oyadeyi of EconoDay noted that January’s CPI rebasing created favorable base effects, though energy and transport costs remained sticky. However, inflation outlook remains mixed. Despite the deceleration, flooding in Benue State and parts of the Middle Belt disrupted farm-to-market supply chains, keeping food inflation elevated in localised regions. Samuel Oyekanmi, an analyst at a financial services group, Norrenberger, warned that “April’s 50% food inflation surge in Benue foreshadowed risks of regional shocks spilling into national averages.” The Central Bank of Nigeria kept its benchmark interest rate unchanged at 27.50% in May, marking a second consecutive hold as policymakers assessed the impact of earlier tightening. The Monetary Policy Committee will closely examine the latest figures from May and June before deciding on any policy adjustments at its July meeting. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read MorePryme in talks to raise $38M signs $13M termsheet with Black Water Fund
Pryme, the UK-headquartered fintech building a financial operating system for the globally mobile generation, has signed a £10 million ($13m equivalent)n investment termsheet with Black Water Fund as part of its ongoing £30 million raise (equivalent of $38m). The investment signals strong confidence in Pryme’s mission to enable a truly borderless financial life for freelancers, small businesses, and digital-first entrepreneurs navigating cross-border challenges. Pryme is purpose-built to address the structural gaps faced by modern global earners. Its platform combines multi-currency banking for seamless international payments, embedded credit to fuel business growth, AI-powered insights to manage cash flow and operations, and integrated tools like invoicing and ERP systems—all within a single, connected ecosystem. By blending intelligent infrastructure with practical financial tools, Pryme is not just enabling payments; it is building the rails for global business. The company’s story began in 2016 as a small e-commerce venture launched from a faulty Samsung tablet in Africa. Recognizing the demand for more inclusive financial tools, Pryme introduced its prepaid card—OjirehPrime—which grew organically to 40,000 users. In 2020, Pryme acquired a licensed microfinance bank, and by 2022 launched its mobile app. It has since relocated its global headquarters to the United Kingdom and rebuilt its core infrastructure to deliver multi-currency banking at scale. Today, Pryme stands at an inflection point. The new capital will support its product expansion, deepen regulatory readiness in strategic markets, and scale its footprint in the UK and North America. As part of this strategy, Pryme is finalizing the acquisition of an IPO-ready enterprise management platform in Canada to fast-track its North American entry. The acquisition will strengthen its B2B and B2C capabilities, enhance product integration, and open up new revenue channels across multiple currencies and jurisdictions. The £10 million investment from Black Water Fund is contingent on the successful close of the full £30 million round, which is actively in progress. Pryme’s momentum is driven by a clear understanding of its users—modern businesses and freelancers operating without borders. With strong product-market fit, a growing user base, and a platform built for scale, Pryme is shaping the future of global finance. For investment or media inquiries, please contact: support@mypryme.com
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AXIAN’s strategic bet on Jumia signals rising confidence in Africa’s digital economy
Africa’s digital commerce sector is entering a new chapter, one defined not by speculation, but by strategic partnerships that reflect long-term confidence in the continent’s growth. One of the most significant developments in this space is AXIAN Telecom’s recent acquisition of a 9.18% stake in Jumia, the leading e-commerce platform operating across multiple African markets. According to the latest filing with the U.S. Securities and Exchange Commission, AXIAN increased its position from 8% after purchasing additional shares on Friday. This investment is more than a financial transaction, it is a clear endorsement of Jumia’s renewed strategic direction, operational discipline, its fintech potential through JumiaPay, and its growing relevance in the continent’s e-commerce and digital space. With Jumia doubling down on logistics efficiency, marketplace growth, and robust supply, AXIAN’s involvement positions the company for deeper market integration and broader impact in the continent’s fast-evolving digital landscape. AXIAN’s entry into Jumia’s shareholder base brings together two powerhouses: a telecom and digital services conglomerate with a growing footprint across Africa, and a tech-driven e-commerce platform with deep market knowledge. This synergy unlocks significant opportunities – from mobile commerce integration and data-led consumer engagement, to improved last-mile delivery powered by better connectivity and payment infrastructure. In a statement accompanying the announcement, AXIAN Telecom CEO Hassan Jaber said the company is “supportive of Jumia’s strategic vision,” describing Jumia’s retail, logistics, and fintech capabilities as crucial drivers of economic and financial inclusion across the continent. Crucially, AXIAN has also signaled intent to explore the use of Jumia’s payment gateway, JumiaPay, within its fintech ecosystem – positioning Jumia not just as a merchant platform, but as a payment enabler for broader digital use cases. This is a compelling validation of JumiaPay as a foundational layer for Africa’s digital economy, capable of powering merchant payments and more. As Jumia evolves into a more streamlined and sustainable business, the support of a strategic investor like AXIAN reflects the confidence that serious, long-term players have in Jumia’s vision and Africa’s e-commerce potential. Jumia’s Nigeria growth: A strong foundation Jumia’s performance in Nigeria, its largest market, underpins much of this renewed confidence. According to the company’s Q1 2025 earnings, orders in Nigeria were up 22%, with Gross Merchandise Value (GMV) rising 20% year-over-year, underscoring both user engagement and operational effectiveness in a tough macroeconomic environment. This momentum follows a strong 2024, when Jumia reportedly achieved high double-digit growth in Nigeria in constant currency, despite inflationary pressures and a weakening naira. A former executive close to the company’s Nigeria operations confirmed that order volumes and active customers grew significantly during 2024, adding that “Nigerians are clearly seeing value in Jumia’s services, the model is proving resilient and relevant.” This data point further underlines the platform’s role as a long-term player in Nigeria’s commerce ecosystem, not just for urban consumers, but increasingly for informal sellers and small businesses leveraging the platform’s reach and infrastructure as well as consumers in underserved communities. One of the most promising trends Jumia is tapping into is social commerce. In a country where WhatsApp and Instagram sellers dominate informal retail, Jumia is building digital rails that allow social sellers to reach more customers and leverage last-mile delivery services. This is particularly empowering for women entrepreneurs and youth-led ventures. Jumia’s delivery expansion is not only improving customer experience, it’s also transforming how small and medium-sized enterprises (SMEs) operate. By offering affordable nationwide logistics, Jumia is enabling Nigerian businesses to scale beyond their immediate environments, fueling local economies and reducing the digital divide. Over the last two years, Jumia has recalibrated its operations: exiting unprofitable markets, consolidating its product offerings, and focusing on core regions where it sees long-term potential. The result? Five consecutive quarters of improved Gross Profit After Fulfillment, better unit economics, and a clearer roadmap to profitability. The company’s new direction reflects maturity – a move away from a growth-at-all-costs model to a focus on building a sustainable, tech-driven ecosystem that truly fits the African context. Jumia is evolving from a pure marketplace into a digital platform that supports commerce, logistics, payments, and entrepreneurship. It is this vision – of an Africa-centered, mobile-first infrastructure for commerce that has attracted partners like AXIAN, and that continues to inspire optimism among those who understand the nuances of building in Africa. Far from being a short-term bet, Jumia’s journey represents the resilience, innovation, and collaborative growth that define Africa’s next economic frontier.
Read MoreKCB Group’s Paul Russo tops $9.3 million payday for Kenyan bank CEOs
In 2024, the Kenyan banking sector was marked by high interest rates, rising loan defaults, and a credit freeze for small businesses. But the heads of the country’s nine largest commercial banks had reason to celebrate, according to disclosures in their financial statements. KCB Group CEO Paul Russo earned $1.9 million (KES 250.2 million) in total compensation — a 40.8% increase that made him the highest-paid bank executive in the country. At NCBA, John Gachora took home $1.6 million (KES 208.4 million), while Standard Chartered’s Kariuki Ngari saw his pay jump 43.5% to $1.3 million (KES 174.4 million). Of the nine banks analysed, only I&M Bank and DTB trimmed executive pay. I&M’s Kihara Maina earned $537,817 (KES 69.3 million), down 9.7%, while DTB’s Nasim Devji took home $488,148 (KES 62.9 million), a 4.2% decline. Elsewhere, the cash kept flowing upward. At Absa Bank Kenya, CEO Abdi Mohammed was paid $852,126 (KES 109.8 million), a 39.8% increase. Stanbic Bank Kenya awarded its CEO, Patrick Mweheire, $741,148 (KES 95.5 million), up 12.8%. At Co-operative Bank, long-serving chief executive Gideon Muriuki saw his pay rise 11.7% to $1.3 million (KES 172.5 million), while Equity Bank’s James Mwangi earned $1.2 million (KES 166.3 million), a modest 4.7% uptick. While Kenya’s top bankers secured record pay packages, households and SMEs endured some of the toughest borrowing conditions since the COVID-19 pandemic, raising questions over who the financial system is really working for. In total, CEOs of the country’s nine largest banks pocketed nearly $9.3 million (KES 1.2 billion) in 2024, even as thousands of businesses were denied loans, inflation squeezed household budgets, and the Central Bank of Kenya (CBK) repeatedly warned that banks were failing to direct credit to the productive economy. “All we are asking is for banks to be fair and to act in the same way that they were quick to raise lending rates when the policy rate was increasing and the treasury rates were increasing,” CBK governor Kamau Thugge said in December. “I think it’s in banks’ interest to lower their lending rates. If they continue on this path, it will be a no-win for anyone and the economy will not be able to perform.” On average, executive compensation rose by more than 15%, even as many lenders froze pay reviews for junior staff and accelerated cost-cutting through digital restructuring. Standard Chartered, for instance, continued slimming its payroll through attrition despite delivering record profits. Boardroom pay moved in the same direction. At NCBA, directors’ compensation surged 54.4% to $5.1 million (KES 660.2 million) — the highest among listed banks. Co-operative Bank’s board earned $3.6 million (KES 473.4 million) (+28.1%), while StanChart’s directors received $2.9 million (KES 378 million) (+17.4%). Only I&M and KCB reduced board payouts, with KCB Group cutting directors’ pay by 20%. Kenya’s banking sector posted a record $2 billion (KES 262.3 billion) in pre-tax profit last year, buoyed largely by income from government securities and widening interest margins. By locking into high-yield Treasury instruments, banks booked easy returns while sidestepping the risks of lending to struggling households and small firms.
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👨🏿🚀TechCabal Daily – DStv tests out weekly payments
In partnership with Lire en Français اقرأ هذا باللغة العربية Wazzup! How much do you know about technology in Francophone Africa? What are the region’s most important startups or crucial policy developments around tech innovation? We’re excited to partner with Lina Kacyem, Investment Manager, Launch Africa Ventures to introduce a web-only newsletter about tech in Francophone Africa. Lina has almost twenty years of experience in various sectors of the financial industry and is the co-founder of the angel network, Next Millennia Angels. As an investment manager, Lina leads investments in Francophone Africa and will bring decades of first-hand experience, insider insights and analysis of the region’s technology landscape into curating a newsletter that will help you and our wider audience learn about the tech innovation, policy, culture, and economy as it unfolds in Francophone Africa. Expect a dispatch every two Tuesdays, beginning tomorrow. Sign up here. DStv test weekly subscriptions Tesla sets up shop Morocco Moove eyes $1 billion valuation with planned $300 million raise CBEX is back and Nigerians are paying again World Wide Web 3 Job Openings Streaming DStv’s weekly subscription test: A new chapter in pay-TV? Image Source: MultiChoice We’ve heard Multichoice’s 9% year-on-year revenue decline in the recently ended financial year. We’ve heard of their 1.2 million decline in subscribers. Now, we are hearing that the pay-TV giant has quietly started testing weekly subscription plans in Uganda for the last seven weeks. Users can now pay weekly, instead of paying for a full month. If this trial gains traction, it could spread to the company’s other markets in the coming months. Why the sudden change? The short answer: people aren’t paying like they used to. Tough macroeconomic situations have made many users cut back on pay-TV, and DSTV wants to adapt. Weekly payments might feel less heavy for users. What does this mean for viewers? In addition to weekly payments, this move means there’s some flexibility on the horizon, but not full control. MultiChoice still doesn’t believe in customers building their bundle by choosing channels. However, it is exploring an offering where customers could get a base product and then add channels to it. This is in line with its recent plan to unbundle SuperSport from its offerings. Zoom out: If weekly plans catch on, could they replace monthly plans? Would paying week by week turn out to be cheaper, or become more expensive over time? Could this move bring back old users or lure people away from Netflix and other streaming services? It’s still in its testing phase, but it is clear that DStv knows it has to evolve or risk being left behind. Join Fincra for an Exclusive Networking Mixer at iFX Expo, Cyprus. Fincra is co-hosting “AI-Powered Fintech and Blockchain” at iFX Expo, Cyprus, with Quidax. Join the brightest minds in fintech and blockchain for insightful panels & networking. 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After months of playing right-wing politics and being buddies with US President Donald Trump, Musk, the CEO of Tesla, has decided to turn his focus back on his companies. In his first move after his very public, messy exit from the White House, Musk’s Tesla, the company which
Read MoreWhy startups fail: The overlooked role of people processes
Startups fail for different reasons, some within the founders’ control, and some out of their control. When startups fail, the world points fingers at the founders and asks various questions about marketing, product, and compliance. Guess what? People barely probe into the people and HR processes, at least not as frequently as other functions. Quite paradoxical because people drive processes and keep businesses running, right? According to StartupGraveyard, 12 startups shut down in Africa in 2024, and about 25% of these shutdowns were due to people and operations-related challenges. The previous year, 18 startups met their demise due to the absence of operational licences from relevant authorities, harsh macro-economic processes, and, of course, scandalous actions by founders due to the absence of HR processes. This data reinforces how pivotal HR processes are to the sustainability of startups, guess what? It is one of the most overlooked roles, or have you not heard founders say, “Is it not just HR?” As an observer in the tech ecosystem, I have seen different founders make foundational errors when it comes to people processes, and this has gone on to affect how they operate, how well they operate, and the life span of their operations. The first and most repeated mistake I have seen founders make is hiring shiny talents in the infancy stages. It is one thing to make a senior hire; it is another decision entirely to hire from a big-tech simply for the name, the profile, or the image. Not only does the hire not have the local context, but it also eats deep into the almost meagre funds that affect the business’s runway. For instance, when the Coinbase-backed crypto startup Mara went bankrupt in 2024, one of the problems the CEO highlighted was that they “paid high salaries to attract talent from well-paying companies like Apple, but they didn’t always deliver.” An adjacent scenario is when these talents are hired but are stifled from expressing their expertise, where founders rarely allow talents to implement ideas and are turned into “yes-men.” This is a misuse of scarce resources (and investors’ funds) as the cost of hiring shiny talents will get you two or three excellent local talents who will add more impact. Another major problem is the absence of a transparent remuneration structure that is scalable and defendable. From Mara to 54gene to Payday, the paucity of a salary structure—with the founders being overpaid and staff earning peanuts—has led to the demise of several startups. There are a hundred more people operations mistakes Nigerian and African founders make, like scaling the workforce size without proper planning, attributing personal expenses as business costs, and lots more. The disheartening tale is that these gaffes do not just lead to the end of a promising enterprise; the catastrophe spills over to the members of staff; they leave real people stranded, employees who tied their hopes and finances to a promising vision, only to be betrayed by the spontaneous decisions made by startup founders. What do we do to reduce the rate at which founders make these people-centric blunders? Proper workforce planning and strategy: Planning your workforce is important, as building your MVP. You do not have to increase your staff from 20 to 60 in three months just because you raised $3 million pre-seed, nor do you have to hire from Google or Meta if you don’t have the tools and systems required for them to succeed. Have a transparent total rewards structure: Having built the compensation and benefits structure of at least six startups in the last five years, one of the strong foundations you can lay for your startup is a defined salary structure alongside other benefits. When people know their level, the pay they are on, and what they need to do to get to the next pay band, they are motivated to do good work, and this ultimately adds value to your organisation. Spelling out other benefits like performance bonus, annual bonus, Short-Term Incentive Plan (STIP), and other kinds of rewards also helps steer the psychology of the workforce in the right direction. Monitor people metrics: Founders are often obsessed with product and growth metrics, and while this is great, it is also paramount that they monitor people metrics. They should ask questions around the cost of human capital, attrition rate, retention rate, engagement rate, and other related metrics that measure people’s contribution to the business. Be accountable: From using company’s funds to meet personal needs in the name of making the company a better organisation, to declining when members of staff ask questions, having due process for documentation and reporting is crucial to the longevity of startups, and if you are a founder building for the people, then you should listen to people building with you. A great startup isn’t just about the product; it’s about the people building the product and having the right processes to ensure that people are continuously empowered to do great work in a psychologically safe environment. Emmanuel Faith is a globally certified, award-winning Human Resource Manager with almost a decade of cross-functional experience across diverse industries. He has spent the last six years in Lead HR roles, building sustainable people processes that help tech companies thrive. He is the founder of HR Clinic, a speed-consulting platform, providing scalable people-centric solutions for Founders who are looking to build the best place to work.
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How Jordan Belonwu taught Nigerian startups to dress with soul: Day 1-1000 of Belonwus
In Day 1–1000, we follow founders through the raw, unfiltered journey of company-building: the early scrambles, the quiet breakthroughs, the painful pivots, and the milestones that shape what a business becomes. When Lagos-based football club, Sporting Lagos launched its brand new identity—jersey, typography, campaign—the internet exploded. Strangers tweeted: “I think I’ve found my new club.” Others asked, “Where can I buy this jersey?” I was determined to seek out the designer or creative studio that had made the club jerseys some of the most desirable pieces of clothing in Lagos. For the first time since I was born, I saw Nigerians wear a local football jersey with pride and style. My quest led to Jordan Belonwu. It did not surprise me to learn that his studio, Belonwus, was behind other outstanding branding of some of Nigeria’s prominent tech startups, including Zap by Paystack, Grey, JuicyWay and Cassava. Belonwu is my guest today on Day 1–1000. We spoke for nearly two hours—the longest interview I’ve done for this column—and the conversation felt like a masterclass on taste, identity, and proving yourself again and again. During our conversation, Belonwu takes me from his Blackberry Messenger (BBM) logo days to nearly being fired by fintech company, Bamboo, and running a studio that now chooses who to work with. Act I — The making of taste “I think I’ve been designing since I was a teenager,” Belonwu says when I ask where it all started, a mix of happy accidents. He grew up in Lagos, the child of a fine art–appreciating mother. In their home was a computer with illustration software. “I was redrawing the Superman logo on CorelDRAW before I even knew what design was.” In secondary school, he tried science and failed nearly every subject. “At some point, I realised: I’m not a science student. I’m just not.” He switched to arts and eventually studied Fine Art at the University of Benin. But even there, he didn’t fit neatly into the system. While his peers painted or sculpted, Belonwu was already using Illustrator and Photoshop, teaching himself software the department dismissed. “We were told to do assignments in CorelDRAW. I was using Illustrator. And the lecturers hated that,” he says. 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He fought for relevance in a system that prized hand-painted poster boards over digital precision. “You’d be asked to paint a Close-Up ad by hand. It wasn’t design education, it was nostalgia training.” He never stopped designing, though. On BBM, he posted logos he had made for friends. More friends reached out: campus makeup artists, photographers, fashion entrepreneurs. Soon everyone in school knew someone who had a ‘Jordan logo’. “I didn’t know it was brand identity at the time. I just thought I was designing logos.” What he had—even then—was taste. “Because of my mum, and the artists she knew, I had early exposure to what great art looked like.” That early calibration of the eye, the sense of refinement still anchors his work today. Act II — The battle for belief After school, Belonwu didn’t spend a week job-hunting. He texted a designer friend just to say he was open to opportunities and got called in the next day. He was hired immediately. He worked at CampSport, then freelanced, then got pulled into an advertising agency— Image & Time—where he finally saw
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CBEX is back, and Nigerians are paying again despite frozen funds
Two months after CryptoBridge eXchange (CBEX), the Ponzi scheme which falsely claimed to be a cryptocurrency exchange platform, froze withdrawals for thousands of customers on its platform, it is back with another gimmick, much to the chagrin of regulators. CBEX never shut down its platform, despite warnings from Nigeria’s Securities and Exchange Commission (SEC) and multiple public arrest warrants issued by the Economic and Financial Crimes Commission (EFCC) for several persons linked to the Ponzi scheme. The platform has been operating under different domains, making it difficult for authorities to track its activities. CBEX is now asking users to pay a $100 “verification fee” to enable them to withdraw their frozen balances, according to messages shared on engagement groups seen by TechCabal. Once they do, these users get access to “sub-accounts” which allow them to continue their daily trading activities as they’re instructed on the platform. “The verification fee is now $100 for all unverified accounts, regardless of your balance,” CBEX said in one of those messages. This is a deviation from its previous method, where it asked users to pay $100 for balances below $1,000 and $200 for balances above $1,000. Screenshot taken from one of the official comms groups with the updated policies/Image Source: TechCabal According to updates seen by TechCabal, withdrawals will be sorted out in batches and are contingent upon users completing their assigned daily trading activities. CBEX claims it will process 50% of all pending user withdrawals by June 25 and the remaining 50% by August 25. It also says 30% of profits from users’ trading activities will be paid out under a revenue-sharing model on October 25. Nigerians, desperate to get back their money, have begun paying the verification fee. After payment, they gain access to a dashboard showing their frozen balance as of April. Their balance begins to grow again once they engage in activities that generate revenue, such as referring new users or trading using CBEX’s daily signals. The signals are codes shared manually on CBEX engagement groups; users copy them at specific times when they’re released and paste them in their apps. Regulators are alert to the issue. On June 11, the SEC issued another warning, cautioning Nigerians to refrain from investing money in CBEX. “The Commission hereby restates unequivocally that neither CBEX nor ST Technologies International Limited or Smart Treasure/Super Technology [CBEX’s partner] is registered with the Commission, or authorised to offer investment-related services to the Nigerian public,” SEC wrote in the public statement. The EFCC has listed six Nigerians in connection with the platform, declaring them wanted. Several media publications also reported that the anti-graft agency recovered part of the stolen funds on May 26. However, Nigerians who were hopeful of the EFCC’s progress at the time, now left to hang dry, are taking matters into their own hands. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe Nigerians still believe in CBEX In one of the Telegram groups connected to ST Technologies, a CBEX partner, several Nigerians are already making payments and referring friends to the platform. Old users are hurrying to pay the verification fee against a June 24 deadline. They are also roping in new entrants who are making USDT transfers exceeding thousands of dollars to join CBEX. “Depositing $100 is the only way to verify your account,” wrote an ST admin, who only identified as Laurafx Wilson in
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